Fracking technology is sending oil prices tumbling. Prices have tumbled 30% from the peak in June to 82 dollars per barrel (3 year low), and it is projected to fall further. This technology is just in its infancy and it is expected to revolutionize energy production worldwide. For countries like Nigeria which are virtually dependent on oil for revenue, this should be a big wake up call. For years, Nigeria has failed to diversify its economy despite the huge alternative potentials. If this trend continues the economy will soon be in serious trouble with dwindling foreign reserves which now stand at 38 Billion Dollars ( At the rate they are spending, just enough for maybe expenditure financing for1 year).
Posted on: Thu, 06 Nov 2014 13:53:57 +0000